Blake Hutchins’ move to Troy Asset Management to work in the boutique’s equity income team has been described as an “astute” hire by fund selectors who note he struggled to raise assets at Investec.
Hutchins (pictured), manager of the Investec UK Equity Income fund, will join Troy in October to become co-manager on the Trojan Income fund alongside Francis Brooke and Hugo Ure, Troy Asset Management announced in a press release.
He will also work with Brooke and Ure on the Troy Income & Growth Trust and the Trojan Ethical Income fund.
Ben Needham, head of UK research within Investec’s quality team and alternate portfolio manager of the Investec UK Equity Income strategy, will become lead manager on Hutchins’ fund with immediate effect.
A statement from Investec added: “In line with Investec’s culture of internal employee development, and having worked alongside Blake for almost a decade, this provides both natural progression and continuity. Co-head of quality Simon Brazier will become alternate manager. Clyde Rossouw, co-head of quality, and Abrie Pretorius will continue to run the Investec Global Quality Equity Income fund.
“We would like to thank and acknowledge Blake for his contribution, and wish him well for the future.”
‘Astute hire’
GDIM investment manager Tom Sparke said: “Troy has made a very astute hire in Blake and I hope that he’ll be given the freedom to express his investment style in his new role. Troy has a suite of successful and distinctly stylistic funds and this move should complement those very well.”
AJ Bell head of active portfolio Ryan Hughes said the move is a good hire for Troy and a good move for Hutchins.
He said: “Troy had previously been a three-man team and therefore this brings the team back up to that level with Hutchins an experienced hire who has a focus on quality in a similar way to Troy.”
Struggled to raise assets
Hughes added: “Hutchins’ fund at Investec had a solid track record but it had struggled to raise assets at only £125m after four years and this is now a great opportunity to join one of the best income teams in the market. We use the Troy Trojan Income fund across our range of portfolios and therefore we look to meeting with Blake as soon as he is settled in.”
Hutchins has been with Investec since 2014 and launched the UK Equity Income fund in 2015. He is also co-manager of the Investec Global Quality Income fund.
Prior to that, he worked at Columbia Threadneedle where he managed both retail and institutional assets. He was deputy manager of the UK Alpha Fund alongside Brazier, who he then followed to Investec.
He started his career at Morley Fund Management – now Aviva Investors – on the graduate scheme in 2007.
The Investec UK Equity Income fund is first quartile over three and six months and over one year, returning investors 2.6%, 12.8% and 2.4% respectively versus the IA UK All Companies sector’s -1.1%, 4.1% and -5.3%. It is second quartile over three years, returning investors 22.1% versus the sector’s 18%.
Brooke said: “Blake’s high-quality stock picking and risk averse investment style is very complementary to our own. I am delighted to welcome him to Troy and the team.”
